Politics 3 June 2013 We need more London So let's build it. Print HTML The Economist's Ryan Avent has a great turn of phrase when discussing London's sky-high house prices, and the supply constraint which has caused them: The world craves London and is willing to pay vast amounts of money for a piece of it. And there are few logistical limits to making more London: a process that would generate huge flows of income and employment for Britons… One could free building rules dramatically (lowering the shadow tax rate) and raise actual property taxes to help fund new infrastructure, and still have everyone come out ahead. Or almost everyone, I should say. Property owners would not. And that's the reason there is a problem in the first place. London property owners, as a class, are effectively an incredibly successful rent-seeking operation greedily sucking up the economic surplus generated by the city's economy. London is a limited commodity. Not everyone can live there, it's true. But it's not actually as limited as it seems. We could build a lot more London than we do. Avent, with the incision of an outsider turning his eye to matters bogged down in local politics, offers some pretty good reasons to do so, and some responses to the most common reasons against. Worth a read. › Apple in court over price-fixing allegations Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter. Subscribe More Related articles For 19 minutes, I thought I had won the lottery VIDEO: Market outlook from Artemis’ Chief Investment Officer The year of the flop: why could none of the big-money clubs come close to Leicester City?